4. Aims, Objectives and Mission Statements

A business aim...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

A business objectives are...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

A mission statement...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

Survival, Profit maximisation, Sales growth, Expansion, and Customer Satisfaction are all examples of...

• business aims.
• business objectives.
• values from a company mission statement.

"We want to achieve sales of £10 million in European markets in 2017" is an example of...

• a business aim.
• a business objective.
• a vision from a company mission statement.

"Our core purpose is to create value for customers to earn their lifetime loyalty." is an example of...

• a business aim.
• a business objective.
• a company mission statement.

When applying for a job, it is always a good idea to look at ......................... to give you an idea of the vision and values of that business.

• the company aims
• the company objectives
• the company mission statement

Match the statement below to the correct aim:
"a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis."

• Survival 
• Profit maximisation
• Sales growth
• Ethical and socially responsible objectives

Match the statement below to the correct aim:
"try to make the most profit possible – most likely to be the aim of the owners and shareholders."

• Survival 
• Profit maximisation
• Sales growth
• Ethical and socially responsible objectives

Match the statement below to the correct aim:
"where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale."

• Survival 
• Profit maximisation
• Sales growth
• Ethical and socially responsible objectives